Trump cites economic gains from tariffs

U.S. President Donald Trump published an opinion article in The Wall Street Journal on Jan. 30 local time, underscoring the legitimacy of his tariff policy and pointing to what he described as its tangible gains. By contributing to a newspaper that has long taken a skeptical view of his tariff approach, Trump appeared to be seeking to shore up support among his political base ahead of a forthcoming Supreme Court ruling on the policy’s legality.

In the article, Trump revisited his April announcement of reciprocal tariffs and criticized expert warnings issued at the time. He wrote that economists had warned the policy would trigger a global economic downturn, but argued that those predictions had proved unfounded nine months later. Instead, he claimed, the results amounted to an economic “miracle” for the United States.

Trump cited stock market performance and easing inflation as key evidence. He said U.S. equity markets have hit record highs 52 times since the November 2024 presidential election. He also claimed that core inflation rose just 1.4 percent over the past three months compared with a year earlier.

While outlining how tariffs could be used to attract foreign investment, Trump cited South Korea as a key example. He said tariff negotiations prompted South Korean companies to commit $150 billion, or about 218 trillion won, in investments aimed at reviving the U.S. shipbuilding industry. He added that the investments bolstered both U.S. manufacturing capacity and national security. Trump also pointed to Japan’s decision to participate in a liquefied natural gas pipeline project in Alaska and the European Union’s agreement to purchase U.S. energy as further outcomes of his tariff policy.

Trump said tariffs provided the United States with leverage to press allies to sign new trade agreements or increase defense cost-sharing, adding that such negotiations effectively extended military alliances into the realm of economic security. He reiterated that critics should acknowledge the legitimacy of tariffs.


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